What is Bitcoin Gold in Blockchain technology?
You may be familiar with Bitcoin Gold. It is a Bitcoin derivative coin that appeared in October 2017.
The history of Bitcoin Gold began when on August 1, 2017, for the first time, Bitcoin underwent a hard fork with a marked separation between Bitcoin Classic and the emergence of a new Altcoin, Bitcoin Cash . Then from Bitcoin Cash experienced a breakdown to Bitcoin Gold.
This is why the Bitcoin Blockchain is a solution. Even so, the Bitcoin Blockchain will continue without changes. It's just that the Blockchain Bitcoin has a new branch that will be separated from the original chain. This branch is known as Bitcoin Gold. Bitcoin Gold Price in April 2019, based on coinmarketcap is $17.37 with a market capitalization of USD 304,155,770. But now 23 September 2020 BTG price falls to $7.72..
The main purpose of forming Bitcoin Gold is to create new decentralized blocks for miners around the world. Of course, this provides benefits for miners, especially new miners.
Because mining on Bitcoin Classic has been very difficult to do with a low budget.
This happened because almost all SHA 256 mining had been controlled by a large bitcoin mining company by using a super-sophisticated ASIC tool.
With the change in the Proof-of-Work algorithm carried out by Bitcoin, it is hoped that individual miners will be able to takepart in Bitcoin Gold mining using adequate GPU equipment.
This change was made to provide an opportunity for miners who have low budgets to keep competing.
What Is bitcoin gold hard fork?
Bitcoin Gold hard fork was held on October 25, 2017, until the official release on November 1, 2017.
Bitcoin Gold Hard Fork is almost the same as Bitcoin Cash, that is, developers and miners agree to create a new block provision that will be used (block 491,407).
Bitcoin Classic (BTC) will not be affected in this Hard Fork, but new Blockchain branches will be separated from the original blockchain. This separation of blocks will create a new Altcoin named Bitcoin Gold.
So simply, the effect of halving the Bitcoin Classic (BTC) will continue to run on the same Blockchain as before, while Bitcoin Gold (BTG) will have a new Blockchain path.
The Goal of Bitcoin Gold Hard Fork
The goal of Hard Fork Bitcoin Gold is to make new decentralized Bitcoin mining. This response to problems related to the mining rig distribution which has been dominated by a small entity of large-scale entities (Mining Companies, etc.).
Some of them are involved in abusive practices, namely changing the Bitcoin proof-of-work algorithm from SHA256 to Equihash.
Such practices make a big problem because all SHA256 mining equipment will become obsolete and cannot compete anymore in Bitcoin Classic (BTC) mining.
Bitcoin Gold will provide opportunities for SHA256 old players or new miners around the world to be able to participate in the mining process with standard hardware distributed by leading mainstream companies.
Bitcoin Gold infrastructure will provide democratic mining and be more decentralized and more resistant to the disruptions that occur in Bitcoin Classic (BTC). So Bitcoin mining can be done again with not too tight competition, It means that mining will most likely be done again, even with a smaller reward.
Effects of Hard Fork Bitcoin Gold on Bitcoin Classic Trading
If we look at the price movements of Bitcoin Classic when the Hard Fork Bitcoin Cash is done on August 1, the same increase effect will likely occur.
Bitcoin Classic (BTC) rose around 82% during August after the Hard Fork Bitcoin Cash (BCC) was successfully carried out.
From this history, USD 293,749,202 Hard Fork Bitcoin Gold (BTG) will also have a positive impact on Bitcoin Classic (BTC) because the main purpose of Hard Fork Bitcoin Gold (BTG) is to provide equal opportunities for Bitcoin miners.
So, with this hard fork, there will be a massive purchase (demand) on Bitcoin Classic (BTC) after a Hard Fork Bitcoin Gold (BTG) is done that will make prices skyrocket.
A negative thing that might happen and can make the price of Bitcoin Classic (BTC) go down is the occurrence of a problem or failure in the Hard Fork Bitcoin Gold (BTG).
Bitcoin Gold (BTG) Hard Fork does not Multiply Bitcoin Funds
If you read the previous points, the effect of the Hard Fork Split will automatically be applied to all Bitcoin users in this world. However, the Hard Fork Effect does not mean doubling Bitcoin funds.
So, if you have 1 BTC before the Hard Fork, then after the halving occurs we do indeed have two wallets with 3 contents of each BTC and BTG (Bitcoin Gold). However, the initial conditions between the two after the update cannot be used. That is, even though the display in our wallet is listed 3 BTC + 3 BTG, it does not mean we have 6 coins. The initial conditions will still be recorded after the Hard Fork has occurred.
Bitcoin User Concerns
Since the news about Hard Fork Bitcoin has expanded, many parties (Bitcoin users) are worried about losing their ownership of Bitcoin. However, in this case, the Bitcoin Core (Bitcoin Classic / BTC) will not be affected, because the Bitcoin Core will remain as usual, which refers to the longest blockchain which is considered the most valid. While Bitcoin Gold (BTG) will run on the new blockchain.
A small possibility of the problem is when Hard Fork Split for Bitcoin Gold is carried out together with Hard Fork to activate the SegWit feature and apply SideChain to the Core Bitcoin Classic.
What Is Happening With Bitcoin Gold?
Bitcoin gold is now ranked 27th in the coinmarketcap, the current bitcoin gold value stands at 16.77 $ with a market capitalization of $ 293,749,202 USD, down -2.72% from the previous day when this article was created. But now when this article updated, the value of Bitcoin Gold in 23 september since updated the price has fallen in low price at $7,72 with market cap $135.134.831 and fall in the rank 74.
Several important events have occurred in Bitcoin Gold, which is the result of a hard fork Bitcoin Cash, which Bitcoin cash is the result of Bitcoin's hard fork.
This is an important event in the development of Bitcoin Gold, which is detached from the bitcoin blockchain and runs apart from the bitcoin chain.
The aim of the launch of Bitcoin Gold is to provide an opportunity for individual miners who have difficulty mining Bitcoin because they have to compete with large companies, which use a tool called ASIC which is a very sophisticated tool.
Another thing that happens in Bitcoin Gold of concern to Crypto players is the new Bitcoin Gold (BTG) platform reported to be a DDoS attack from Hacker since it was first launched, the new platform is an easy target for these cybercriminals.
According to the official Twitter account of Bitcoin Gold (BTG), the BTG platform is under a series of large attacks, which is 10 million requests per minute when the Altcoin has just been launched.
With such a large volume attack, the BTG site is down and it takes several days to function again.
The attack was a follow-up attack from Cybercrime activities carried out in the second quarter of 2017, where a large number of Cryptocurrency was stolen in various ways, including attacks on the Ransomware Virus and theft of company wallet details.
Blockchain as a Solution for DDoS
The problem that occurs on Bitcoin Gold (BTG) sites is centered on bandwidth availability, namely the ability of a site to handle and process data per minute. With a request of 10 million per minute, the Bitcoin Gold (BTG) site does not have enough bandwidth to process requests, so the site is down.
Luckily, decentralization provided by Blockchain has created a new way to overcome bandwidth-focused DDoS attacks.
Through the Blockchain, available and unused bandwidth can be monetized and collected as bandwidth reserves to be sold to companies seeking protection from DDoS attacks.
Hacking expert, Daan Pepijn, argues, "During DDoS attacks, this backup bandwidth is used to deflect and absorb bad traffic originating from Zombie machines (DDoS Attacker machines used by BlackHat Hackers).
Anyone who has a computer, a fast broadband connection, and bandwidth backup, can rent out their excess bandwidth to contribute to the DDoS mitigation nodes pool, which is a global and regional bandwidth collection point. "
By simplifying bandwidth requirements and combining these advantages, the technology enables companies to effectively use backup resources to protect the core server from possible DDoS attacks going forward.
Without the solution provided by Blockchain technology, DDoS attacks like those experienced by Bitcoin Gold (BTG) will always result in a Shut Down (temporary server stop).
Bitcoin Gold Delisting from Bittrex
What happened to Bitcoin Gold, reportedly Bitcoin Gold Delisting from Bittrex because it did not want to pay compensation.
Bittrex demands compensation of 12,372 BTG. The total value is around USD 265,000. The amount of compensation must be paid by the Bitcoin Gold (BTG) team if they still want their altcoin project to be traded on the Bittrex crypto exchange.
The Seattle-based Bittrex Exchange, United States, is asking for compensation because 51% of attacks occur.
At that time, hackers managed to tackle up to 388,000 BTG. More or less the total stolen crypto value ranges from USD 18 million.
Not only the Bittrex exchange, but the attack also affected several other exchanges such as HitBTC, Binance, Bitfinex, Bitinka, and Bithumb. The BTG team then posted a statement related to the Bittrex delisting on its website.
In the statement, Bittrex was called to demand compensation to cover losses for the attacks. Bittrex in the tragedy bears losses for the vulnerability of the bitcoin gold blockchain.
Previously, the Bittrex exchange offered two options as the last ultimatum because initially, the BTG team had refused to pay 12,372 BTG. Pay only with 6,000 BTG or delisting.
In response to the ultimatum, the BTG team sought to offer BTG loan funds originating from the BTG ecosystem maintenance funds. Unfortunately, the negotiations did not reach an agreement and ended with delisting from the Bittrex exchange.
After the 51% attack tragedy, the development team in Bitcoin Gold had a lot of detailed information about the attacker's address to the Bittrex exchange.
The BTG team also gives a warning statement about risk management that must be borne by the company and non-profit organizations related to the BTG network.
Closing the vulnerability after an attack, the BTG team then performs a hard fork.
The motto used by the altcoin project is "Make Bitcoin Decentralized Again". At first glance, this makes reality inversely proportional. Not yet reached the stage of achieving decentralization, precisely from the Bitcoin Gold network itself that was hit by a 51% attack.
How to Get Bitcoin Gold?
The way to distribute Bitcoin Gold (BTG) coins is exactly the same as that used by Bitcoin Cash (BCH). All Bitcoin holders who have a BTC private key after a hard fork (block 491 407) will receive Bitcoin Gold for 1 BTC = 1 BTG (If you have 20 BTC, you will receive 20 BTG).
You need to control the BTC private key to make Bitcoin Gold transactions. Its downloads need to use a lot of memory.
Simply, you can put your bitcoin gold on YOBIT. Please Register at Yobit,
Or you can use HITBTC without ID card verification. You can start to trade.
Collect your Bitcoin gold (BTG) with Coinomi
The first step you have to do is to make sure you install the latest version of the Coinomi Wallet Coinomi included as the best bitcoin gold wallet. For this step, you need to go to your Play Store application, click the top left menu, select "My apps & games" and then click the "Update" button next to "Wallet Coinomi".
The next step is to open your wallet, click on the top left menu, then press the "+ COINS" button on the button and select "BitcoinGold" from the list of coins supported by Coinomi and tokens.
A pop-up dialog box will appear asking if BitcoinGold must be added. Press the "ADVANCED SETTING" button. If you click "Add", you must delete your BitcoinGold wallet and add a new one. In "Derivation Path" please enter: M / 44H / 0H / 0H
It is important to note that the character before "H" is zero and not O
Note: Maybe you have more than one bitcoin wallet on Coinomi then you want to claim the equivalent BTG. In this case, you need to repeat the steps above, change every time the last zero with the account index (zero-based), so for the second wallet it will be M / 44H / 0H / 1H, for the third wallet is M / 44H / 0H / 2H, and so on.
The last step is to click "ADD".
Your BTG wallet is now ready!
The Coinomi wallet is one of the safest places to save, but you can spend or move your Bitcoin now.
Unlike Exchange, you have a private key with you all the time, so other people don't have access to your wallet, and one more thing, that the Coinomi can't go down
For Coinomi support, it will help you 24/7, if you have a problem, they will help any problems that might exist.
How to Mine Bitcoin Gold?
The fact that is seen at this time is that bitcoin mining is almost dominated by large industries. While solo mining is not possible to compete with ASIC devices that are distributed throughout the world.
To keep bitcoin decentralized, a hard fork last year gave birth to a new crypto called Bitcoin Gold (BTG). This crypto was built specifically to create a traditional mining environment that is maintained while using the GPU. How do you mine Bitcoin Gold and what are the tools needed?
Bitcoin Gold was created not to compete with Bitcoin, but to avoid the tendency of ASIC mining monopoly. This expectation will create decentralization compared to the ASIC monopoly. The development of Bitcoin Gold uses the new Equihash, Proof-of-Work algorithm that can be mined with the GPU to compete with professional rig systems.
This coin was officially released on October 24, 2017, founded by Jack Liao. BTG mining algorithms are different from BTC, and cannot be run faster on special hardware. By April 2018, BTG already has 246 nodes throughout the world. And now, BTG has been sold in nearly 40 crypto exchanges worldwide. BTG currently reaches the top 30 capitalizations of world cryptocurrency, and mining is also not complicated.
Mine Bitcoin Gold At Minergate
To mine Bitcoin Gold cryptocurrency using the Proof of Work Equihash algorithm.
This algorithm is the same as that used by Z-Cash. mining with the Equihash algorithm is different from ASIC, therefore it can be mined with a normal PC.
This allows everyone to join and start mining
How to mine the easiest Bitcoin Gold? Mining these coins can easily be done at Minergate. Even for starters, it doesn't require coding. Simply download the BTG mining application and run it on your computer.
What are the minimum specifications for mining Bitcoin Gold? This coin can be mined with at least one 8GB graphics card, for example, the Radeon RX480. The level of difficulty of mining coins is also not as high as other coins. So that the mining of coins is still considered profitable
Mine Bitcoin Gold at Another Mining Pool
How to use software other than Minergate, is another mining pool? To mine in a pool other than Minergate, an Equihash mining script is required.
For NVIDIA GPU, download EWBF Cuda Miner
To start mining, you need to:
Windows 7 or newer 64-bit OS
if nVidia mines GPU, GPU with computing capabilities
if AMD GPUs do mining, GPUs with OpenCL support
Updated the latest driver for GPU
Microsoft .NET Framework 2.0
Microsoft Visual C ++ Redistributable 2013
Bitcoin Gold Wallet
To read the complete guide you can look from blockonomi or another source
Does Coinbase Support Bitcoin Gold?
The question that is often asked by cryptocurrency lovers is, does Coinbase support Bitcoin Gold? The question that is often asked by cryptocurrency lovers is, does Coinbase support Bitcoin Gold?
From the source of Coinbase support, stated that they did not yet support bitcoin gold, taking into account the security and convenience of their customers
With that in mind and seeing the development of Bitcoin Gold, Coinbase cannot support Bitcoin Gold because the developer has not made the code publicly available for review. This is a major security risk.
Coinbase / Coinbase Pro will not sell or store Bitcoin Gold associated with Bitcoin customers for itself.
Any Gold Bitcoin will still be stored safely on Coinbase.
If Coinbase will activate support for Bitcoin Gold in the future, customers will be able to withdraw Bitcoin Gold related to their Bitcoin Coinbase / Coinbase Pro balance when using a Bitcoin Gold fork.
Released from blog.coinbase, they stated that if they would add new assets, only through the official Coinbase channel would it be announced to the public.
Coinbase has the mission to be the most trusted and easy to use digital currency exchange.
The company has announced the plan on its blog to support the withdrawal process of Bitcoin Forks in its entire product range for the future.
Some new coins that have been made by Bitcoin Forks, the most common of which are Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond. That all does not mean that Coinbase will add more coins to trade on the GDAX exchange of its digital assets.
"As always, we always look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets should be supported and will always be listed on our website.
Coinbase was a pile of problems with investors last year due to the failure of Bitcoin Cash to fail. Investors claimed that it involved inside information. This time, Coinbase stated clearly that it was now following the protocol, and said
"We announce this both internally and to the public as consistent with our process of adding new assets."
Coinbase is a holding company of several of its subsidiaries, most of which strongly support the withdrawal of Bitcoin Fork. The company explains the approach that will be taken in each of its businesses to support Bitcoin Forks.
Will develop infrastructure to support Bitcoin Forks. The company has said that Coinbase Custody will most likely support more branched assets than the GDAX or Coinbase platforms.
Will also develop the infrastructure to support Bitcoin Forks for assets stored on this platform. They warned that adding support for withdrawals did not extend to asset trading.
Coinbase Index Fund
Coinbase has index funds, which gives investors exposure to coins listed on the GDAX. This is open to accredited US investors and will support the withdrawal of Bitcoin Fork. Assets are added to the index based on market capitalization, similar to the S & P 500 index for stocks.
Coinbase - "anticipates the infrastructure to support Bitcoin Forks withdrawals for assets held on the platform." Coinbase reminds traders to only record assets on the platform once they are added to the GDAX and only because coins listed on GDAX do not mean that they will be supported on Coinbase too.
A payment platform that is private-key fueled and therefore traders can control assets.
Coinbase has also just announced Coinbase Ventures, a new investment type for early-stage companies.
What Exchange Supports Bitcoin Gold?
In the bitcointalk forum, someone asked, is it only Yobit exchanger that supports Bitcoin Gold?
But it turns out there are some exchanges that support Bitcoin Gold, and everything will be presented here
Binance means "Binary Finance", and as an exchange, they aim to serve customers and strengthen the future of cryptocurrencies
Binance is based in China. This claims to be a better choice compared to many other centralized exchanges because they have identified the most important pain points of a centralized exchange and are working quickly to provide solutions.
You can read a statement from Binance that related Bitcoin Gold (BTG) on the following page here
Changelly is one of the exchanges that support Bitcoin Gold, where to buy bitcoin Gold, changelly being one of the answers, this is a product from the mining collection, MinerGate, which has a proven track record of products that are consistently well inserted into the crypto space.
Simply put, Changelly is not necessary to go through a long verification or registration process, just enter with your email ID and start exchanging!
Changelly is connected in real-time to some of the best and busiest cryptocurrency currencies on the market to give you the best prices
This is one of the exchanges that also supports bitcoin gold in it, and so far is one of the best exchanges to sell bitcoin gold, if you interested to start trading through this exchanges hence you need to register to a new account
Since 2013 these HitBTC exchanges have started operations, and this is a multi-cryptocurrency trading platform
This exchange officially stated to support post-fork Bitcoin Gold.
HitBTC has allocated BTG tokens in a 1: 1 ratio to its users.
The actual BTG deposit/withdrawal is still active on HitBTC and you can trade it with BTC and several other pairs.
You can read an announcement about Bitcoin gold through following this page
And if you want to start trade using their service, hence you need to verify the account, you can following the step with reading to verify the account here
Maybe cryptocurrency lovers are no stranger to this one exchange.
Bitfinex is one of the biggest Bitcoin exchanges in the crypto world
Bitfinex has introduced a new Chain Split Token (CSTs) that allows traders to trade in the potential for activation and mining of the consensus protocol Bitcoin Gold.
The actual BTG deposit/withdrawal is still inactive at Bitfinex but hopes it will be available when the BTG blockchain is stable and ready.
You can read the announcement about Bitcoin Gold in Bitfinex, you can read on their blog here
Already many know that Yobit supports Bitcoin Gold, in several forums many members called Yobit supporting BTG
Officially announced support for Bitcoin Gold on Twitter @ yobit.net
YoBit is an exchange from China that also starts trading Bitcoin Gold.
Is Bitcoin Gold a Good Investment?
2017 is a big year for most cryptocurrencies including Bitcoin Gold. Bitcoin Gold was created to make decentralized bitcoin again, allowing ordinary users to mine this new cryptocurrency. Bitcoin Gold is still in the early stages of the project.
The biggest advantage is that it has spread to bitcoin holders and is available in various exchanges, while only being associated with bitcoin can also be a useful factor. The price has given hope. But analysts have not supported it as a good investment tool.
The news about Bitcoin Gold being delisted from Bittrex is also one reason that this has not shown signs of being a good investment asset.
And currently ranked 27th, it's still far enough to become the top 10.
But if you want to make this an investment asset, the price is currently at $15.91
Bitcoin gold (BTG) may have jumped in the ranking of tokens, but the flash may soon be thinning, the price chart shows. This has shown a large increase in prices before its fall. It was never high that attracted investors.
Almost all coins face a decline. But we can hope this will recover soon. Investors who are ready to take risks can save your coins. We cannot say that prices will not soar.
Where to Get Bitcoin Gold Wallet?
A trusted and reliable Bitcoin gold wallet is often the basis of the choice of a 2019 wallet
Ledger Nano S
The Trusted Bitcoin Gold Wallet the first one that you can believe in its credibility and security is Ledger Nano S. Wallet is a hardware wallet in the form of a screen flash disk and is very popular in the market. This is because, with Ledger Nano S, you have full control of the private key which is an HD wallet. That is, only you are the only person who can access your wallet.
The advantages of Ledger Nano S support Bitcoin Gold (BTG). Therefore, you do not need to take the risk of Bitcoin (BTC) that you have had as a result of showing the seed in another wallet.
The second trusted wallet, Trezor. As with Ledger Nano S, Trezor is a hardware wallet with a flash disk-like shape.
Both are also very popular because of their reliability. Although not yet 100% support Bitcoin Gold, the preparation of Trezor for Bitcoin Gold has entered the process of making a split tool. You can find several video tutorials on using Trezor on Bitcoin Gold in sharing videos online.
You can buy Trezor on this link
The next wallet is different from the previous two wallets which are hardware. Yes, this time the wallet is in the form of software. It looks cool and supports more than 25 cryptocurrencies.
You also don't have to bother registering or verifying your identity to use this wallet. But, you still need to back up your seed key. Then, you have control in controlling your Bitcoin. Exodus can be used on Linux, Mac, or Windows-based computers.
Bitcoin Gold Care
The next wallet is Bitcoin Gold Care, which allows you to save, send, and receive your Gold Bitcoin.
Because it is a full node client, you have to download the entire blockchain when you want to use this wallet.
This wallet software needs a large memory space. So, make sure the storage space on your computer is enough to install the Bitcoin Gold Care application. Currently, the Bitcoin Gold Care wallet is only available for Windows and Linux-based computer operating systems.
The last wallet recommended because of its reliability is Coinomi. Among other wallets, Coinomi includes pioneers who serve BTG access through their wallets and immediately provide satisfying services.
Although you could expose the address of a Bitcoin user in plain text (not code), you can still trust this wallet. Well, for your Android and iOS users, you can enjoy Coinami.
Bitcoin Gold 2020
Since the outbreak of the coronavirus pandemic, which hit almost all countries, it seems that it has also affected the value of Bitcoin Gold. Since January 2020 BTG value growth has ranged between $11 as high as 2020 and even tends to decline and currently when this report was made the price of Bitcoin Gold was at $ 7.7. Total market cap $135.915.936 USD, with circulating supply 17.513.924 BTG.
Since its launch in 2017 last year, the value growth of BTG has not been very encouraging and tends to decline.
In July the Bitcoin Gold development team reported that they had prevented a "very long chain of attacks" against the network.
The report states that the attackers leased hash power from mining service provider NiceHash on July 1, 2020.
They are mining clandestinely on alternative chains. The result is they create a new transaction history for the network and are able to mine more than 1,300 blocks in ten days.
But, the Bitcoin Gold Team was able to thwart the attack because they detected early on by announcing to mining pools and exchanges about a potential attack.
Bitcoin Gold has a history of having two attacks on $ 18 million in May 2018 and $ 70,000 attacks in January 2020.
Adding a list of cryptocurrency trades, Bitcoin Gold is a list of choices for traders, and to get this can be tried in ways that have been described, either by mining or by trading
And what is important is that you also use a trusted bitcoin gold wallet, so you will securely when storing coins in the wallet.
In this case, you can choose one of the five trusted wallets whether it's Ledger Nano s, Trezor, Coinomi, Exodus, or Bitcoin Gold care
If you decide to make Bitcoin Gold an asset for investment, the important thing to note is, just spending money that you prepare in the risk of losing, not using money that will be used for urgent things, and not using money that comes from borrowing money
After all the digital assets of the price of Bitcoin gold, there may be a decline in value, because there is a shift in demand and must also compete with various other types of cryptocurrency
Or for the better, you can join a gold mining bitcoin, so you will get from this mining
And finally, you should continue to monitor the development of bitcoin gold, by reading news updates from trusted sources, especially from bitcoingold.org